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Canada is on the verge of finalizing carbon capture and storage regulations for the oil and gas industry, Environment Minister Peter Kent said February 14, 2013 in the House of Commons.

Environment Canada projections show that Alberta oil sands companies are the fastest-growing source of greenhouse gas emissions in Canada. But the financial implications of trapping carbon dioxide emissions through heat have prolonged the standards from developing, with some Members of Parliament fearful of industry job losses if the standards are too stringent.

Industry leaders have been meeting monthly with representatives of the Alberta government to discuss the proposed regulations and potential compliance options that include a technology fund proposed by industry. The compliance option could allow companies to meet potential targets or standards without reducing their emissions by paying into the technology fund.

Kent had previously announced that the carbon capture regulations would be in place by 2011.

“We are now well into and very close to finalizing regulations for the oil and gas sector," Kent told the House of Commons.

Further delaying the carbon capture regulations could greatly influence the Conservative government’s ability to reach its climate change targets set for 2020.